KL proposes FTA with Dhaka

Agrees to allow Bangladeshi workers with expired visas to stay there

Malaysia yesterday agreed to allow Bangladeshi workers, whose visa tenure has expired, to work in the country under a re-hiring scheme. The Malaysian government also proposed that the two countries sign a Free Trade Agreement (FTA). The Malaysian deputy prime minister, Ahmad Zahid Hamidi, made the proposals in response to a request by commerce minister Tofail Ahmed, now on a visit to Kuala Lumpur.
Tofail held a meeting with the Malaysian deputy PM after addressing the inaugural session of the Bangladesh Trade and Investment Summit 2016 in Kuala Lumpur, said a commerce ministry press release. Many Bangladeshis are now working in Malaysia with their visa periods having expired. Considering the issue on humanitarian grounds, Hamidi agreed to allow them to continue working there.
Appreciating Bangladesh’s development, he told Tofail Ahmed that the Malaysian PM was satisfied with Bangladesh’s progress.
The Malaysian deputy PM expressed interest in signing of an FTA between the two countries. It would help increase investment and trade of the two brotherly nations, he felt.
Tofail Ahmed sought duty-free market access for Bangladesh’s products in Malaysia to further boost trade ties  between the two countries, which is on an uptrend.
"We had expected that Malaysia, like other countries, would provide us with duty-free market access for our products. But that has not yet happened. I request the Malaysian government to give us this facility," the commerce minister said.
On signing of the FTA, he said they are now working on the matter.
The Malaysian deputy PM said the proposed FTA would certainly add momentum to the current trade relations. "It'll be mutually beneficial for more access to each other's markets for goods and services, and investment and removing barriers to doing business."
In 2014–15, Bangladesh's exports to Malaysia were worth USD 140 million, while imports from Malaysia were worth USD 1.2 billion. In 2015–16, exports rose to USD 190, which is an indication of strong trade relations between the two countries.
The commerce minister called upon Malaysian investors to undertake new ventures in the fast-growing manufacturing, services and infrastructure sectors.
Relocating labour-intensive industries in textile and accessories, furniture processing, agro-processing, electronics and other small and medium industries from Malaysia might be the most promising option, he said. Investments in the service sectors like tourism and healthcare and infrastructures like toll roads, bridges, power and gas generation would also be attractive to Malaysian investors, Tofail Ahmed said.
"Malaysia and Bangladesh stand as natural allies. Closer cooperation in investment and trade between the two countries would make an immense impact on the development of their economies," he added.
The commerce minister said the present government has undertaken an initiative to designate 100 economic zones throughout the country. As of now, 22 zones have been selected—19 of them in the public sector and three in the private sector.
"Malaysia can take the advantage of this opportunity and select an economic zone for Malaysian business," he added.
He said Bangladesh has been moving fast to undertake restructured reforms to create the most business-friendly environment under a market-driven economy, with the major thrust coming from the private sector.
"We strongly believe there is potential of more Bangladeshi products in the Malaysian market. Bangladeshi commodities like ceramic tableware, pharmaceuticals, leather and leather goods, potatoes, spices, raw jute and jute sacking have better market prospects in Malaysia," Tofail Ahmed said. The Board of Investment (BoI) and the Bangladesh Export Processing Zones (BEPZAs) are providing institutional support services to prospective investors, he told Malaysian investors. Earlier, top Bangladeshi business leaders and analysts assembled to talk about investment opportunities in Bangladesh and discuss ways to fetch large-scale Malaysian investments in potential areas, including energy and infrastructure. They held talks with Malaysian business leaders on future business at the Trade and Investment Summit 2016 at the Royal Chulan Hotel in the Malaysian capital, Kuala Lumpur.

KL proposes FTA with Dhaka

Agrees to allow Bangladeshi workers with expired visas to stay there

Malaysia yesterday agreed to allow Bangladeshi workers, whose visa tenure has expired, to work in the country under a re-hiring scheme. The Malaysian government also proposed that the two countries sign a Free Trade Agreement (FTA). The Malaysian deputy prime minister, Ahmad Zahid Hamidi, made the proposals in response to a request by commerce minister Tofail Ahmed, now on a visit to Kuala Lumpur. Tofail held a meeting with the Malaysian deputy PM after addressing the inaugural session of the Bangladesh Trade and Investment Summit 2016 in Kuala Lumpur, said a commerce ministry press release. Many Bangladeshis are now working in Malaysia with their visa periods having expired. Considering the issue on humanitarian grounds, Hamidi agreed to allow them to continue working there. Appreciating Bangladeshs development, he told Tofail Ahmed that the Malaysian PM was satisfied with Bangladeshs progress. The Malaysian deputy PM expressed interest in signing of an FTA between the two countries. It would help increase investment and trade of the two brotherly nations, he felt. Tofail Ahmed sought duty-free market access for Bangladeshs products in Malaysia to further boost trade ties between the two countries, which is on an uptrend. We had expected that Malaysia, like other countries, would provide us with duty-free market access for our products. But that has not yet happened. I request the Malaysian government to give us this facility, the commerce minister said. On signing of the FTA, he said they are now working on the matter. The Malaysian deputy PM said the proposed FTA would certainly add momentum to the current trade relations. Itll be mutually beneficial for more access to each others markets for goods and services, and investment and removing barriers to doing business. In 201415, Bangladeshs exports to Malaysia were worth USD 140 million, while imports from Malaysia were worth USD 1.2 billion. In 201516, exports rose to USD 190, which is an indication of strong trade relations between the two countries. The commerce minister called upon Malaysian investors to undertake new ventures in the fast-growing manufacturing, services and infrastructure sectors. Relocating labour-intensive industries in textile and accessories, furniture processing, agro-processing, electronics and other small and medium industries from Malaysia might be the most promising option, he said. Investments in the service sectors like tourism and healthcare and infrastructures like toll roads, bridges, power and gas generation would also be attractive to Malaysian investors, Tofail Ahmed said. Malaysia and Bangladesh stand as natural allies. Closer cooperation in investment and trade between the two countries would make an immense impact on the development of their economies, he added. The commerce minister said the present government has undertaken an initiative to designate 100 economic zones throughout the country. As of now, 22 zones have been selected19 of them in the public sector and three in the private sector. Malaysia can take the advantage of this opportunity and select an economic zone for Malaysian business, he added. He said Bangladesh has been moving fast to undertake restructured reforms to create the most business-friendly environment under a market-driven economy, with the major thrust coming from the private sector. We strongly believe there is potential of more Bangladeshi products in the Malaysian market. Bangladeshi commodities like ceramic tableware, pharmaceuticals, leather and leather goods, potatoes, spices, raw jute and jute sacking have better market prospects in Malaysia, Tofail Ahmed said. The Board of Investment (BoI) and the Bangladesh Export Processing Zones (BEPZAs) are providing institutional support services to prospective investors, he told Malaysian investors. Earlier, top Bangladeshi business leaders and analysts assembled to talk about investment opportunities in Bangladesh and discuss ways to fetch large-scale Malaysian investments in potential areas, including energy and infrastructure. They held talks with Malaysian business leaders on future business at the Trade and Investment Summit 2016 at the Royal Chulan Hotel in the Malaysian capital, Kuala Lumpur.